Tashkent, Uzbekistan (UzDaily.com) – In order to create favorable conditions for the further development of microfinancing, on 17 March  2020, the President signed the Law “On Amending the Law of the Republic of Uzbekistan “On Microfinancing”.

In accordance with the Law, corresponding amendments were made to Articles 4, 5 and 6 of the Law on Microfinance.

In particular,

- Article 4 envisages the issuance of a microloan to a borrower for carrying out entrepreneurial activity in an absolute value not exceeding 300 million soums;

- Article 5 stipulates issuance by commercial banks and microcredit organizations of a microloan to a borrower - an individual in absolute value, not exceeding 50 million soums;

- Article 6 envisages the issuance of microleasing for carrying out entrepreneurial activities in absolute terms, not exceeding 600 million soums.

This Law will help increase the volume of microfinance services provided, meet the growing needs of the population and businesses in microfinance services, in particular, expand the volume of microfinance services in the country.